17th Aug 2010 07:00
Press-release
Krasnodar
August 17, 2010
Krasnodar, August 17, 2010: OJSC «Magnit» (the "Company"; RTS, MICEX and LSE: MGNT) announces the results of the transaction executed by the Company on August 16, 2010.
The essentials of the transaction are as follows:
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Type of transaction: |
contract of guarantee
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Subject of transaction: |
provision of security in the form of guarantee
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Parties and beneficiaries under transaction: |
the Lender - Commercial joint-stock bank "Banque Societe Generale Vostok" (close joint-stock company) the Guarantor - Open joint-stock company "Magnit" the Beneficiary - Close joint-stock company "Tander" (the Borrower)
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Maturity: |
credit maturity - 13.08.2012 the Guarantee shall cease upon fulfillment of the Borrower's obligations under the Credit Agreement.
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Volume of transaction: |
up to 2,480,657,534.25 rubles which amounts to 8.7716% of the issuer's assets value
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The transaction was approved by the annual general shareholders' meeting held on June 24, 2010 (the minutes are executed as of June 28, 2010).
For further information, please contact:
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Oleg Goncharov |
Director, Investor Relations e-mail: [email protected] Tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5100 Mob.: +7 (903) 411-40-35 Direct line for investors only: +7 (861) 277-45-62 |
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Dina Svishcheva |
Manager, Investor Relations e-mail: [email protected] Tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5101 Mob.: +7-961-511-02-02 Direct line for investors only: +7 (861) 277-45-62 |
Company description:
Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" is the holding company for a group of entities that operate in the retail trade under the "Magnit" brand. The chain of "Magnit" stores is one of the leading food retail networks in Russia. As of June 30, 2010 the chain consisted of 3,464 convenience stores and 28 hypermarkets in 1,109 locations in the Russian Federation.
Approximately two-thirds of the Company's stores are located in cities with a population of less than 500,000 inhabitants. Most of its stores are located in the Southern, North-Caucasian, Central and Volga regions. The Company also operates stores in the North-Western and Urals regions.
As of June 30, 2010 the Company operated an in-house logistics system consisting of 10 distribution centers, employing automated stock replenishment systems and a fleet of 1,723 vehicles.
In accordance with the audited IFRS consolidated financial statements for the twelve months ended December 31, 2009, the Company recorded consolidated revenue of approximately US$5,354 million and consolidated EBITDA of around US$509 million
Related Shares:
MGNT.L